European Union leaders have agreed to another set of sanctions, taking aim at Russia’s financial, transport and energy sectors, among other things.

European Union leaders have agreed to a sweeping second set of sanctions against Russia at an emergency meeting of the bloc in Brussels Thursday evening.

The EU statement said the sanctions cover:

• the financial sector,
• the energy and transport sectors,
• dual-use goods as well as export controls and export financing,
• visa policy,
• additional sanctions against Russian individuals.

However, both the EU and US decided for the time being not to cut Russia off from the SWIFT global interbank payments system, as demanded by Ukraine.

European Commission President Ursula von der Leyen said the sanctions would target 70% of the Russian banking market and key state owned companies, including in defense.

The export ban would “hit the oil sector by making it impossible for Russia to upgrade its refineries,” von der Leyen said. The EU was also banning the sale of aircrafts and equipment to Russian airlines, she added.

The visa restrictions will see diplomats and business people no longer having privileged access to the European Union.

European Council President Charles Michel said the measures would have “massive and severe consequences” for Russia in response to the “unprovoked and unjustified military aggression against Ukraine.”